As you approach retirement age, you may wonder when you should elect to receive Social Security. How much you receive is based both on your lifetime earnings and when you start receiving payments. If you wait to take Social Security until you reach full retirement age, which is defined by the federal government, you’ll receive […]

As the IRS explains, a 2% shareholder is someone who directly or indirectly owns more than 2% of the corporation’s stock or stock with more than 2% of the voting power. The business must treat a 2% shareholder as a partner in a partnership for fringe benefit purposes. What does this mean for life insurance? […]

The Department of Labor’s final rule for employee or independent contractor classification under the Fair Labor Standards Act rescinds the 2021 Independent Contractor Rule, replacing it with guidance on analysis that’s more consistent with the FLSA as interpreted by longstanding judicial precedent, and was scheduled to take effect March 11, 2024. The final rule reduces […]

Want to make sure your tax paperwork is organized? Keep excellent records all year. That way, after the end of the year, you just gather applicable tax documents that arrive in the mail or become available online. Ensure you’ve received all your information forms before filing to avoid having to file an amended return later. […]

One of the worst things we can do as taxpayers is assume we know everything. There’s always more to learn, and as much as you might know about taxes, you may be missing out on key tax deductions just because you haven’t heard about them. Tax deductions to consider Believe it or not, there are […]

The biggest threats to your financial stability in retirement include unrealistic budgeting, inflation, health care costs and living longer than anticipated. The first threat is, in some ways, the easiest to control. Be honest with yourself about how much you can spend in retirement. Just as when you were starting out, you need to account […]

The IRS is calling taxpayers’ attention to the ominously named Coalition of Scam and Scheme Threats: “[A] coalition representing the Internal Revenue Service, state tax agencies and the spectrum of the nation’s tax industry today announced a new joint effort to combat the growth of scams and schemes threatening taxpayers and tax systems.” CASST wants […]

What tax deductions, programs and housing allowances are available to you as a homeowner? Let’s explore a few options that the IRS makes available. If you have a mortgage, you may deduct the interest paid, within allowed limits. You can also deduct state and local real estate taxes (subject to a $10,000 limit). Interest paid […]

The IRS generally considers whether you’re married, separated but not legally separated, or divorced at the end of the year. Marriage status is important in filing taxes; it not only determines filing requirements but also standard deductions, eligibility for certain credits and taxes as well. In fact, you may have to deal with multiple government […]

All over the business world, accountants, lawyers, financial executives and journalists have been scrambling to keep up with the latest soap opera in the financial community: what’s happening with the Corporate Transparency Act and its ownership reporting rules. The key message: As of Dec. 26, the CTA’s BOI reporting requirements are suspended indefinitely. Affected businesses […]